The U.S. Commerce Department said yesterday that total retail sales in March jumped 1.6%, the largest increase since November as consumers stepped up purchases of vehicles and a wide range of goods, Reuters reported.

Meanwhile, Americans' confidence in the economy rebounded in March after a February plunge, but shoppers remain cautious, according to a private research group's monthly survey, the Associated Press (AP) reported.

The Conference Board's Consumer Confidence Index rose to 52.5 in March, recovering about half of the nearly 11 points it lost in February. Analysts expected a reading of 50 for March. February's 46.4 marked the lowest level since April 2009 and erased three consecutive months of improvement.

One of the index's barometers, which measures how shoppers feel now about their economic situation now, rose to 26 in March from 21.7 in February. The other measurement, which gauges how shoppers feel about the economy for the next six months, ticked up to 70.2 from 62.9, the AP reported.

"Despite the month's increase, consumers continue to express concern about current business and labor conditions," said Lynn Franco, director of the Conference Board Consumer Research Center. "And their outlook for the next six months is still rather pessimistic."

Motor vehicle and parts purchases surged 6.7% last month, the biggest rise since October, after dropping 1.9% in February, Reuters reported. Excluding motor vehicles and parts, retail sales rose 0.6% in March after rising 1% the prior month as a combination of an early Easter holiday and warm weather boosted receipts at clothing stores.

Core retail sales, which exclude autos, gasoline and building materials, rose 0.5% after increasing 1.2% in February. Elsewhere, clothing and clothing accessories sales increased 2.3%, while building materials and garden equipment climbed 3.1%--the largest advance since November 2007.

Receipts at sporting goods, hobby and book stores rose 1% in March, Reuters reported. Sales at electronics and appliance stores, however, fell 1.3%, and receipts at gasoline stations slipped 0.4%.

• Prev
• Next